Current market conditions are ripe for active traders, according to Market Rebellion co-founder Pete Najarian. That's why he bought call options in a handful of names this week.
What To Know: Najarian picked up calls in Apple Inc (NASDAQ:AAPL), Chevron Corp (NYSE:CVX) and APA Corp (NASDAQ:APA), he said Wednesday afternoon on CNBC's "Fast Money Halftime Report."
He told CNBC that the U.S. 10 Year Treasury yield will likely cross the 3% level in the near term. At last check, it was hovering around 2.67%.
"So because of that, I don't think it's a comfortable time necessarily to find many stocks that are at the right level," Najarian said.
He is also anticipating elevated levels of volatility ahead, he said: "That's why I think it's such a trading market."
Najarian noted that he owns Apple stock, but he's trading around his position amid the bouts of volatility. He saw huge call buying in Apple on Tuesday and decided to jump into the trade.
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He did not specify the strikes or expiration dates of any of the call options he purchased this week.
AAPL, CVX, APA Price Action: According to data from Benzinga Pro, Apple was up 1.72% at $170.55, Chevron was up 1.41% at $171.39 and APA was up 3.86% at $43.81 at press time.
Photo: courtesy of Apple.
